The PiChain Global Ecosystem vision

PiChain Global offers a comprehensive solution to these challenges thanks to our visionary Web3 ecosystem. PiChain Global adopts the latest blockchain technology to lower the entry threshold for novice Web3 users and offers the advantages and characteristics of decentralization.

Our solution addresses those issues that arise from existing, archaic Web2 standards and traditional marketplace challenges, and overcomes those barriers to entry that have stood in the way of mass adoption of cryptocurrencies as a mechanism of trade. The PiChain Global Ecosystem offers the following benefits.

Disintermediation of transactions

Web3 cross-border ecommerce uses smart contracts and decentralized technology to conduct transactions directly between customers and sellers, without the involvement of third-party intermediaries. This addresses transaction inefficiency and reduces transaction costs.

Supply chain transparency

The PiChain Mall solution facilitates the traceability of traded goods. Consumers can verify the authenticity and quality of a product thanks to its associated, verifiable, metadata on the blockchain. This mechanism can prevent the circulation of counterfeit and shoddy goods and empower the consumer to access goods that fit with their own ethics, whether that be a need for certification for Kosha, Halal, BRCGS (British Retail Consortium Global Standards) for ethical trading and responsible sourcing, etc.

Peer-to-peer transactions

Web3 cross-border ecommerce leverages cryptocurrency as a payment method and uses blockchain technology to achieve safe, fast, and intermediary-free cross-border payments.

Privacy

Web3 cross-border e-commerce uses decentralized authentication and data storage solutions to give users better control over their data and privacy. Users can choose to interact directly with other users without passing data to a centralized platform.

Decentralization

The PiChain blockchain uses decentralized technology to establish its ecommerce platform, removing the need for a centralized entity to control and manage transactions. This makes transactions more transparent, trustless, and disintermediated. It also makes user funds safer and ensures that users may trade in assets over which they retain self-custody.

The power of community

Furthermore, our existing 3 million-strong community has already proven itself capable of overcoming one of the biggest obstacles raised in the challenges above: that of achieving the network effect. PiChain Global Ecosystem is uniquely positioned to ensure successful network growth, as demonstrated by our early successes that have been achieved thanks to harnessing the power of community.

Many projects that rely on significant uptake to achieve success, fail despite expending significant resources to drive development and marketing. The reason for failure is often based on the weak impact of extrinsic incentives. Community-driven growth facilitates long-term growth and prosperity thanks to the commitment of its intrinsically-motivated participants.

Our vibrant community, with a shared vision at its core, demonstrates the power of intrinsic motivation. It is our thesis that mass adoption of dApps will be driven by such communities.

Learn more about how we successfully facilitate community growth in Community Governance.

A new model for trust

Trust and reputation are crucial for sellers to succeed in ecommerce. As discussed, the challenge is that ecommerce is an asynchronous arrangement. Therefore, while the seller and customer both benefit from the efficiencies of trading in a self-custody asset, it is still vital to build a trading mechanism that ensures the customer gets value for money for the price they pay when purchasing a product or service.

The PiChain Global solution both reduces the need for trust and nurtures trust through our innovative reputation system.

Reducing the need for trust

The problematic issue of delivery versus payment is solved thanks to the use of the smart contract. The customer’s payment is transferred to the smart contract itself, i.e. it is held in escrow. Traditionally, holding funds in escrow requires a trusted third party; in our solution, it is the smart contract itself that holds the funds. No trusted agency is required, just trusted code.

This payment is released on delivery of the goods or services. Should the customer not receive the goods or services as promised, the contract automates the immediate outcomes, reducing the complexity often inherent in conflict resolution.

Building reputation

Furthermore, PiChain Global Ecosystem's tokenomics is about to change the rules of the game and redefine how we operate online businesses.

The tokenomics-driven reputation system is designed to build an online marketplace of mutual trust and reciprocity. The system provides a fair and transparent environment for sellers and customers so that they can conduct safe, high-quality transactions. This will expedite resolving those Web2-native ecommerce issues and provide a better experience for users of the PiChain Mall platform, laying a solid foundation for sustainable growth.

Learn more about the PiChain Global Ecosystem’s reputation system.

Breaking barriers by design

In the challenges section, we considered three major barriers to entry to the Web3 ecosystem for novice users; these included: the risk to fund recovery due to the loss of the private key, the overall complexity of conducting commerce in cryptocurrency from a novice perspective, and the "empty tank" issue that can arise when gas fees must be paid in the native token.

The PCM Wallet overcomes all these issues: it is designed for the comfort of a Web2 native while providing the trustless, decentralized assurances of Web3. New users register and log in via the familiar Web2 flow using email, social, or a mobile number — abstracting away the complexity and responsibility of owning and managing a Web3 wallet.

This improved UX (user experience) is possible thanks to Ethereum’s new account abstraction standard. For the first time, wallets such as the PCM Wallet can leverage smart contracts to control the wallet layer. This allows wallet recovery to be achieved through the familiar Web2 methods such as social recovery, and supports novel methods to enable user access to accounts through trusted social contacts or guardians — enhancing user convenience and security.

Beyond this essential service of wallet recovery, account abstraction also enables the PCM wallet to solve the “empty tank” issue. dApps will be able to provide a functional layer to enable customers to pay the gas fees in the token of their choice, removing the need to pay gas fees in the native token. Similarly, dApps will be empowered to waive the gas fee from the user perspective and absorb that cost, or a portion of that cost, themselves so as to be able to offer competitive market expansion initiatives

Furthermore, the PCM crypto-wallet supports fiat on- and off-ramps, easing entry for crypto novices. Even unbanked users will be supported to access the system thanks to support from on & off ramp partners, which already supports gateway payment for transacting between fiat and cryptocurrency.

Let’s look more closely at the PCM Wallet's features and design.